Did you know that three Russian billionaires have resigned from the board of directors of LetterOne, a $22 billion investment corporation, after the company barred two Russian oligarchs from participating due to the Russian invasion of Ukraine?

Three Russian billionaires have resigned from the board of directors of a $22-billion investment company during their country’s escalating invasion of Ukraine.

Russian President Vladimir Putin. 
MIKHAIL KLIMENTYEV/SPUTNIK/AFP via Getty Images

This follows LetterOne’s decision last week to freeze out Mikhail Fridman and Petr Aven, who are subject to Western-imposed sanctions, by barring access to their premises and prohibiting them from communicating with workers. German Khan, Alexei Kuzmichev, and Andrei Kosogov — none of whom are sanctioned – all resigned from their jobs at the business on Monday. “While none of these three people have been sanctioned, they think that taking this action is in the long-term best interests of LetterOne, its workers, and the many jobs supported by its portfolio firms,” the company stated in a statement to Insider. Khan, 60, a cofounder of LetterOne and a partner in Alpha Group, said in a statement that he backed the board’s decisions and urged an end to the fight. “The bulk of LetterOne’s founders have strong roots in Ukraine, and the devastation of the places where I spent my youth and which are now home to our forefathers’ graves is sad,” added Khan, who has a net worth of almost $6.9 billion, according to Bloomberg. Kuzmichev, 59, is a cofounder of Alfa-Bank, Russia’s largest private bank, and has an estimated net worth of around $5.2 billion, according to Bloomberg. Kosogov, 60, is a member of the Alpha Group’s board of directors and is worth $1.2 billion, according to Forbes.

Additionally, LetterOne said in Monday’s statement that Fridman and Aven, who stepped down from the company’s board of directors last Wednesday, had their shares “frozen permanently” and are no longer eligible to receive dividends or other financial funds from LetterOne. Mervyn Davies, the former chairman now CEO of LetterOne, told the Financial Times that they were shut out of offices, denied access to records, and prohibited from communicating with staff. LetterOne gives $150 million to aid those devastated by Ukraine’s conflict, and shareholders have decided that all dividends would go toward relief efforts, according to a corporate statement.

Reference
3 Russian billionaires resigned from the board of the $22 billion investment firm LetterOne after it locked out 2 Russian oligarchs over the invasion of Ukraine. https://www.businessinsider.com/russian-billionaires-oligarchs-letterone-resign-step-down-board-lock-out-2022-3?fbclid=IwAR2-aejj2I_yRuFdLYqmeybT9L8_pPHLzeUKdXbUrvwJBc720dCMUc70Edw

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